Overview
- Trade ministers Chris Bryant and Yeo Han-koo signed the agreement in London after two years of talks to replace the post‑Brexit carry‑over deal.
- The deal locks tariff‑free treatment on 98% of tariff lines, preventing imminent hikes on about £2 billion of UK exports that were set to lose preferences.
- UK services exports are projected to gain about £400 million as the pact legitimises e‑contracts, facilitates cross‑border data transfers, and updates investor protections with an innovation committee.
- Revised rules of origin lower the content threshold for tariff‑free cars from 55% to 25%, with eased criteria also covering Korean beauty and processed food products.
- Market access expands in both directions, including UK firms bidding for procurement in Seoul, Korean firms gaining entry to Britain’s high‑speed rail and online game markets, and streamlined visas for Korean specialist workers.